Accounting Fundamentals Level 2

Learning Method: Instructor-led Classroom Learning Duration: two half-days

*Click here to view upcoming Accounting Fundamentals classes

In this course you will learn:

You will build on what you learned in Accounting Fundamentals 1 (required). Using the subsystems of accounts receivable, accounts payable, inventory and payroll we will discuss producing Financial Statements. Review all the steps from daily transactions to preparing financial statements and closing the books at the end of the accounting period. This course is to give you an overall understanding of accounting in the business environment.

 Course Outline:

Section 1: Reviewing Accounting Fundamentals 1

  • The Different Accounting Functions – How they work together
  • Organizing the Accounting Department
  • Personal traits of accountants

Section 1: Month End Procedures

  • The Accounting Cycle
  • Month End Closing Steps
  • The Trial Balance and General Ledger
  • Journal Entries – The role of the 7 JE’s Types
  • Producing Financial Reports
  • Analyzing the Financial Statements – Is it Right

Section 2: Using Accounting to Manage Your Business

  • Pricing your Products for Sale
  • Inventory Controls
  • Fixed Asset Controls
  • Understanding Cost of Goods Sold and Gross Margins
  • Understanding Overhead Costs – Fixed vs Variable

Section 3: Accounting Controls

  • Cash Controls
  • Separation of Duties and why that is important
  • Fraud and Embezzlement Prevention Technics

Section 5: Using Accounting to aid in Business Decisions – Big Picture

  • Analyzing the Financial Statements
  • Trend Analysis
  • Understanding Cash Flow
  • The Break-Even Analysis
  • Making Projections and Budgets
  • Financial Status Checklist and Common Ratios
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